I've got some songs with which I want to rehearse. They actually become my accompaniment and I play the main melody. However, I really get tired of rewinding the song, playing it again and trying to get into rhythm. I want to cut part of the song such that when I loop it in a player, it sound a continuous song, so that I can rehearse the same piece for longer intervals.

I agree with @Andrew ; I used to use Ableton Live until my computer crashed and I couldn't find the CDs, so I tried out Audacity and it does (almost) everything Live did and is easier to use
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Nate KoppenhaverOct 23 '11 at 16:23

If you have a Mac, you could use garageband which ships with each Mac.
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ONOZApr 25 '12 at 9:13

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You have not indicated what computer platform or operating system you are using. Windows? Mac OS X? iOS? Linux?
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Wheat WilliamsApr 25 '12 at 12:49

There is no need to cut. Use Audacity or Transcribe to set the loop boundaries then just play the loop.
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JimRApr 29 '12 at 15:44

4 Answers
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I don't know about "best," but I have found Audacity a good, free, cross-platform audio editing solution. You can cut and paste, trimming your audio down to just the section you want. Then, you can export to audio output for use however you like. If you're still using CDs, you could just create a CD with rehearsal tracks this way; else load the audio on whatever device you are using.

It's also quite good at modifying the pitch and tempo of a sample, independently of each other. You lose fidelity of course, but it's great for practising along to or for analysing recordings. Slow something right down while you learn it. Adjust the pitch of recordings that are sharp or flat compared to your instrument.
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slimOct 26 '11 at 16:27

I find it difficult to set loops in audacity so that you have, for example, exactly 8 bars, so that that I don't loose time at the wrap around point. Is there a trick or plugin to do help do this?
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HilmarApr 25 '12 at 15:49

If you know the BPM of the piece, it should be moderately easy. Otherwise, you'll have to go by ear.
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American LukeApr 25 '12 at 17:12

While almost any DAW will fill your needs, I recommend FL Studio because of how intuitive is is to use and how it has a very mildly crippled free demo. (The demo is not time-limited, and only prevents you from saving project files; you can still export to mp3).

I would highly recommend Transcribe! from Seventh String Software. It loads your file, and you can choose what to loop, it can slow it down - in good quality to a certain extend - it can transpose it aso.